Risk Terms & Definitions
| Term | Definition |
|---|---|
| Academic Risk |
Risks relating to the quality of the educational programmes and the calibre of teaching professionals to deliver the programmes or of students not achieving learning outcomes. |
| Accountability |
Responsibility for ensuring that risk is appropriately managed, including implementation of treatment plans and monitoring the effectiveness of controls |
| Consequence |
The outcome of a risk event or situation expressed qualitatively or quantitatively, being a loss, injury, disadvantage or gain |
| Contributing Factors |
Factors internal and external that contribute to the risk existing or which could result in the risk materialising. |
| Enterprise Risk Management |
ERM refers to a process that has been established by those charged with governance to identify, assess, measure and monitor risk in daily operations as well as the strategic planning process, while at the same time attempting to turn risks into opportunities. |
| Inherent risk |
Risk exposure prior to the assessment or implementation of internal controls |
| Likelihood |
The chance or probability of a risk materialising. |
| Members of the University Community |
Includes staff, members of the University Council and members of any board, committee or other body established by or constituted under University Statutes and Regulations. |
| Residual Risk |
The level of risk that remains after all risk treatment measures have been taken. |
| Risk |
International Organization for Standardization - ISO 31000 - Risk is the effect of uncertainty on objectives Committee of Sponsoring Organizations of the Treadway Commission (COSO) – the possibility that events will occur and affect the achievement of strategy and business objective |
